Bitcoin now 'unit of account' in Germany via @guardian

Germany 's ministry of finance has formally recognised the digital currency Bitcoin as a "unit of account" which can be used for private transactions – meaning that the ministry will now be able to tax users or creators of the four-year-old virtual money. However, companies wanting to use it for commercial transactions would need permission from the Federal Financial Supervision Authority. The Frankfurter Allgemeine newspaper reported on the decision, which follows scrutiny of Bitcoin's potential usefulness as digital money. Bitcoin is an online token which can be used and exchanged for goods and services in the same way as standard currencies. However, it has no issuing bank; the currency is created by computers performing complex mathematical problems. Transactions are carried out by transferring a unique number within the Bitcoin network from one electronic "wallet" – o...